EURJPY - DAILY PINBAR AT STRONG RESISTANCE!

EURJPY after rallying has formed a pinbar on the daily chart at a strong resistance.

We can now look to short the pair and put stop loss at the previous high for a minimum take profit of about 150-200 pips.

First take profit as indicated in the chart, entry will be given in a smaller timeframe. Check the update section for the 4-hour chart where the entry will be posted.

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Comment:

In the 4-hour chart, bullish candlestick became smaller and smaller as it approached the daily resistance which can indicate a reversal, or a pullback.

We therefore short this pair.
Entry around 132.30-40.
SL 133.10
TP1: 130.80, close 80% of position as it reaches the first TP level and let the rest run.

Trade active

Comment:

Keep holding, price is in minimal drawdown. SL is firm at the high of the last daily candlestick, about 60 pips from entry.

Comment:

SL almost hit, but reversed right before it reached our stop loss. Keep holding. This may be one of those typical Monday whipsaws.